Why Do You Need a Mastermind Group?
Us small business owners are the unsung heroes of our Society. Creative, flexible and diverse, employing 16 million people, we’re at the sharp end in driving the UK economy.
In spite of the challenges, we still chase our dreams daily.
But according to a recent survey, almost 70% of small business owners go to family and friends for business advice, despite them not being in business themselves. A crucial factor in the success of businesses that grow is that the owner has access to a business support group of other like-minded business owners at a similar stage, otherwise known as a mastermind group.
Years ago, I met a client who struck me as the most ambitious person I’d ever come across.
Let’s call her Olivia.
Olivia was running a small service-based business. It was a very unique product, and she was already attracting the right people.
In less than a year, she had gained a ton of clients and was in the process of hiring a second employee.
What struck me even further was that Olivia was REALLY passionate. She could go on and on about her business and life plans for hours.
I thought to myself just how successful she would be in a few years to come.
And even better? She believed she had the right tools to chase after her dreams. If you were to ask her about her 5 year, 10 year plans? You would be MIND BLOWN!
But there was a problem…
She felt lonely in her business. She believed that her struggles were really unique. And she had no one to run to for proper advice. She didn’t have a support system that understood her or knew how to run a business.
Olivia had been procrastinating on some major business decisions for so long that she felt that she’d missed out on a ton of opportunities.
And despite all these dreams she had for her business, Olivia had gaps in her skill set to actually take the business to the next level. She felt like an imposter.
In my mind’s eye, the solution was pretty straightforward – a mastermind group.
I’m a business owner, I get it!
I, too, want to grow my business, be successful, and make more money. And, I, too, want to be guided and supported in making hard business decisions.
There are times when my motivation levels are low and I need support from like-minded individuals. I find myself needing clarity on where my business is headed. I want to feel seen, I want to feel safe. And I want to be part of a community that can help me with that.
If there’s one thing that has provided a single solution to all these problems, it’s a mastermind group.
6 reasons why a mastermind group is so important
1. The First Reason Why You Need a Mastermind Group – Generate New Ideas
We recently interviewed one of our mastermind members who said something that struck us. She said that by simply speaking to other mastermind members, her thoughts order themselves and clarity comes from discussing it.
Mastermind9 has been transformational for her, as it’s helped her with ideas to design and launch a new website, move her business to a better location, and even narrow down to her ideal client.
How many times have you felt stuck in your business?
You want to do more, but you feel as though you’ve exhausted your ideas.
It’s normal, and it happens to the best of us. But there’s a solution. With a mastermind group, you can easily generate new ideas in two different ways:
Generate Ideas From Other People
With a mastermind group, you can easily pick other people’s brains. They will freely share their ideas and information.
A good mastermind group has problem solvers. People who want to see you succeed almost as much as you do. They want to be seen as helpful, and they want to add value and support others. And they will do all they can to support you with new ideas.
Gain Fresh Perspective
With a mastermind group, you can easily gain fresh perspective and fresh ideas to take your business to the next level.
You are guaranteed to make better choices with a whole team of experts at your back.
2. The Second Reason Why You Need a Mastermind Group – Get Expert Advice
The average person makes 35,000 choices a day. That’s about 2,000 decisions per hour. And I can almost guess that business owners make more than double of that.
If you’ve been around long enough, you’ve probably heard me wonder at this statistic: 69% of business owners admit to taking advice from friends and family who have never been in business before.
And most of them probably regret it sooner or later.
Mastermind groups are a great place to seek the right kind of advice. Most members are qualified and experienced.
Why is a mastermind group the best place to seek expert advice?
They have probably faced the same problem
Our mastermind groups are composed of business owners who are diverse, ambitious, and respected with real world experience, honed skills and a vast range of knowledge.
They are likely to have, at one point or the other, faced the same problem. It’s easier to navigate an issue when speaking to people who have overcome it. That’s what you get from a mastermind group.
They will willingly share this advice with you.
The best mastermind groups have people who actually care. People who want to see you grow in your businesses. And people who want to see you succeed.
A mastermind group is like a sounding board. With members of different skill sets, you’re offered numerous solutions, and you get to decide which direction to take.
You’ll definitely find it easier to make small and big decisions.
At Mastermind9, we carefully vet the interested small business owners before adding them to a mastermind group.
3. The Third Reason Why You Need a Mastermind Group – Generate More Leads
It’s in almost every business owner’s dream to grow.
We want to expand our businesses, employ more people, make more money, and probably let the business run itself without our daily input.
But sometimes, it’s not as easy as it seems.
Generating new leads can be really tricky. You may find yourself attracting the wrong target audience, or none at all.
With the support and accountability offered by a mastermind group, you’re almost guaranteed to generate more leads.
Why? With a mastermind group, you will:
There’s a popular saying that goes, “You are a sum of the 5 people who you hang around the most.”
And if there’s anything I believe to be true, it’s this.
At a mastermind group, when you experience the amount of thought and work that people are putting into their businesses, you will be compelled to work harder as well.
Feel More Confident
When you’re doing things by yourself and without a proper sounding board, it’s hard to know if you’re on the right track.
But with 8 people at your back, you develop a sense of confidence and feel more affirmed in your business as you gain more clarity on what you’re doing.
4. The Fourth Reason Why You Need a Mastermind Group – Develop A Sense of Community
“If you want to go fast, go alone. If you want to go far, go together.”
Research shows that a support system has advantages like higher levels of well-being, better coping skills, and a longer, healthier life.
Being a business owner is like riding a rollercoaster. There are constant ups and downs. And in each of these points, having a support system is important.
Why is a community so important?
Sense of Belonging
A mastermind group gives you a sense of belonging. You immediately become a part of a tribe. You can easily build honest relationships and feel valued. All the feelings of loneliness in business slowly start to disappear.
And you know what they say – when you feel better, you do better.
There’s almost always something to be learnt from everyone you come across. You can’t exhaust your knowledge, and that’s the beauty of the world.
When you belong to a community, you can learn from one another in different aspects of the business. If you’re an accountant, you can always learn from a legal person. A marketer can always learn from a HR.
Every business owner has something to benefit from being part of a community.
5. The Fifth Reason Why You Need a Mastermind Group – Solve problems
Problems in a business are inevitable, and that sucks!
In fact, problems in life are inevitable.
But like someone once said, it doesn’t matter how many times you fail. You only have to be right once.
Failures are lessons. Because once you fail in one area, you’re far less likely to repeat the problem.
Mastermind groups can help you solve problems in these two ways
Turn a problem into a blessing.
“A problem shared is a problem half solved.”
There are brilliant ways to shift a problem and turn it into the biggest blessing of your life.
In a mastermind group, the members help each other to navigate the problem and solve it in ways you wouldn’t have thought by yourself.
Shift of perspective
I know what you’re thinking – not every problem can be turned into a blessing.
Trust me, I get it. But even when that isn’t possible, your members will give you solutions. They’ll change your mindset to move from the problem towards the solutions.
6. The Sixth Reason Why You Need a Mastermind Group – Become Accountable
Have you heard the story of the four people named Everybody, Somebody, Anybody, and Nobody?
There was an important job to be done and Everybody was asked to do it. Everybody was sure Somebody would do it. Anybody could have done it, but Nobody did it.
Somebody got angry about that, because it was Everybody’s job. Everybody thought Anybody could do it but Nobody realized that Everybody wouldn’t do it.
It ended up that Everybody blamed Somebody when Nobody did what Anybody could have done.
Accountability is necessary, no matter how old you are. How many times have you said that you’ll do something and ended up not doing it at all? How many times have you procrastinated the things that you are sure are the path to your success?
At a mastermind group, you’ll be held accountable for all the things that you say you’ll do.
Through Action Points
At the end of each session, everybody goes away with an ‘action’ that they need to work on for their business.
The next session, you will be held accountable for what you said you will do. And when there are people watching out for you and rooting for you, you are bound to succeed.
With time, you’ll find that you are able to keep yourself accountable. On top of the accountability from the group, accountability will become a habit for you and you’ll see its benefits.
6 Reasons Why You Need A Mastermind Group – Our Conclusion
Business owners are much more similar than we think. We face the same problems. And because of this, we need one another. We need a support group to guide us through.
At Outside ideas, we have seen the transformational power of mastermind groups. We’ve worked with business owners and have seen them grow tremendously simply through the power of a mastermind group.
In summary, the 6 reasons why a mastermind group is important are:
- Generate new ideas
- Get expert advice
- Generate more leads
- Develop a sense of community
- Solve problems
- Become more accountable